charles: i've got 30 seconds, selena. you wrote recently about a sort of indifference towards politics right now. in 206 you called the evolution of donald trump -- 2016 -- hong before donald trump even appeared on the scene. what's happening right now, just quickly? i mean, what do you think's going to happen next year? >> i have no idea. we have two people that are at the top of the party who are, who are sort of have their own set of problems. and the country is still searching, although trump is leading right now, i don't know that that's what's going to be -- charles: right, right. we've got to leave it there. i hope the get you on longer -- to get you on longer, no one has the pulse of middle america the way you do. thank you very much. now i hand it over the my good friend liz claman. liz: can you believe it, charles? the calendar-based anomaly known as the september effect is, well, kind of in effect. sort of a mixed picture here.

stocks right now are moving mixed, the dow and s&p lower, the dow down 87 points, but the nasdaq is up 27 s. and what do we have? we have this month which has a very bad reputation. for the last 77 years, the s&p has averaged a three-quarters of a percent loss during september. now, historically it is known as the worst month for the index. and if you go back to 1928, that loss worsens to an average fall of 1.1%. yes, the stats back with up that bad reputation, but it's not necessarily predictive, folks. and if the last two weeks are any indication like you see on your screen, that big run iup we saw -- runup we saw could mean the bulls are emboldened this time around. when we keep an eye on this holiday-shortened trading week, air travelers are keeping an eye on the flight monitors. we have this breaking news, united airline shares are moving lower by 2.5% at this hour after a temporary but pretty serious

or nationwide ground stop. we've got matt finn joining us now from los angeles with the very latest. matt, it's back up and running in what's going on? what happened? >> reporter: it is back up and running, but flight item aware reports 330 flights were impacted. it began around 1 p.m. eastern and lasted for about 45 minutes affecting about 12% of today's flights. united explains that it found a fix for some type of technology issue and is working right now to help customers who were impacted by the ground stop. the faa says earlier today the united airlines asked the faa to temporary hi pause all of its departures nationwide, flights harp already in the air around the 1 p.m. hour continued on their a paths. transportation secretary pete buttigieg responded and posted to, and social media, quote, am aware of the nationwide ground stop at united airlines due to i.t. the issues. faa is currently receiving more information about the cause and scope of the issue, and d.o.t.

will make sure united airlines meets its obligations to affected passengers. buttigieg directed passengers to the web site flightrights.gov which he says has information for customers who experience major delays or cancellations, liz are. liz thank you very much, matt. we'll keep an eye on it for everybody. yet a littling bit of a nightmare for people trying to fly. airbnb investors are on cloud nine, look at this percentage move, merely 8% higher -- nearly 8% higher after getting a much-coveted invitation to join the s&p. that's, like, the holy grail. stock officially joins the index on september 18th. the 2-day picture shows the big bump, it has gained a beefy of 7 president -- 67% year e to date. second quarter profit growth of 75 and 18% sales growth. you know, only one other company got the same invitation, and that's blackstone. the private equity giant popping

4% on the s&p inclusion news. bx has gained 46% year to date. it and airbnb, who made the room for them? lincoln national and newell brands. no surprise both of these are moving lower. they have fallen well below the market cap requirement of 14.6 billion or higher. they're going to move to the s&p small cap 600 index. we should see how tech is looking here. nasdaq, we've got it up and down and all around here. it is up just a slight, you know, segment here, up about a 16 points. nasdaq earlier was down the least of the a majors and has punched into the green a couple of times now. big news actually swirling around a private but soon to be public if stock we need to tell you about, chip architecture giant arm has officially kicked off its road show to drum up interest ahead of its public debut. the ceo helm. ing the effort which according to company filings expects to price between $47-51 a share,

giving it an implied valuation of up to $54.5 billion. japanese investment company softbank, which bought arm in 2016 for 32 billion, had hoped for a $of -- 64 billion valuation. what's going on there? isn't the chip world the hottest ever? coming up, tech investor and cohost of the number one business podcast all in joins me in a fox business exclusive. he is david sacks. we'll talk about that, the a.i. hype cycle, and he's about to the make a major announcement about a new company he's backing. don't miss sacks, known as the rainman, 3:30 p.m. eastern right here on "the claman countdown." we are just over two weeks away from the federal reserve's rate-setting meeting. the data has been slowing at what experts say is an appropriate pace, and bank strategists are downgrading, so let's get to the floor show. trader scott shellady and guru andy brennerer. you know, scott, you've been trading for decades worth of

septembers. what's your feeling this time around? is it going to duck the ugly stick? >> you know what? i'm not too excited about the market rally are. i think headwinds, i don't like what i'm seeing with oil as high as it is today. i didn't like that jobs report at all. i look looked at the revisions, and the revisions were bad. 400 points of interest rate hikes still need to kind of come through. i think we're only starting to see the tip of that. we've got auto, home concern auto and home delinquencies spiking, our -- are going up again, the housing sector's not moving at all. you don't want to pay 775 on a mortgage, and you don't want to leave your 3.5% mortgage. you know what? i would probably have to say i disagree with goldman sachs. liz: okay. their big strategist saying he is now downgrading the

possibility of a recession by 15%. you know, andy brenner, it's less about that and more about tell me where to put the money, right? and right now you being the fixed income guy, you had said buy t-bills the last time you were on, and look at them now. these are the ones that are from one month all the way to twelve months. they're all above 5%. >> liz, it was great because what's happened is whereas another guest said, you know, or other people have been saying go long treasuries, go out to longer treasuries, that's not been the right place to be x. to scott, what he just said, he's absolutely right. the economy is slowing down. now, i don't think it's going into with recession, but it is slowing down, there's no question about that, and that's going to weigh on equities. but that's not my expertise. it's about rates. so what i'm thinking is as the economy's going to slow down, rates -- liz: sorry to interrupt, six months are yielding 5.a 53% right now. >> liz, that's a hayup.

i mean -- layup. this in february of '22 you had over 5 trillion in money funds where they were paying .02. it costs people a billion dollars, that's all they paid. today, you know, those are are paying 5.08. that that's cost the fed or or whatever 300 billion. that's the place you want to be. and i think given what scott just said and the slowing down of the economy, i think you want to consider extending but not this week, not today because you've got 25-30 billion of new interest corporates coming today,, and that's weighing down on treasuries. but i think you've got to look for a la place which to extend out the treasury curve. liz: but with, scott, if you want to go with equities, talk about a layup, crude oil closing above -- well, what was it here, $91 a barrel, melanie? >> that's correct, yeah. 10-year highs. liz: and brent was just insane here. and i'm looking, actually, in the aftermarket, it is well below that at the moment, $86 --

well, make that, brent's at 89. but, i mean, you mow that we've got -- you know that we've got saudi arabia saying that they're going to extend the cuts for the rest of the year. doesn't that then mean, hey, let me buy the integrated oils or maybe the refiners, something in the energy complex? >> well, yeah, 10-month highs today, they announced, saudi and russia, extending those cuts. if you go back and look at our, just our coal use since 2020 the, every year we use 10 is % more coal than we did the year before. we're going to have, these fossil fuels are going to be with us, whomever you may be out there that think we're going to be able to have our armies and all of the marines on electric machines, it's t not going to happen. so i love it. i think it's one of the places to be because we're going to slowly but surely come around to it. and i have to add this real quick. liz: yeah. >> it's not esg, right in --

[inaudible] they also hate ranchers, they hate beef, they hate all the things, so they're trying to the take away -- [audio difficulty] food and our fuel, and it's just not going to work. that's not a trade that i want to get behind. i'm going to stick with our ranchers and refiners because that's going to be the here in 10 years, and a lot of these fad trades aren't. liz: hey, i like a nice filet mignon on any given day, and i'm not surprised the guy in the coupon cho -- not the cow coat today, you've got a poncho, scott? >> well, i'm in nashville, so it's my gnash ifville -- [laughter] liz: okay, perfect. app key, i'm looking at fed funds futures. september, obviously, there's going to be a pause -- >> no question about it. liz: we knew that. now, november it looks that 46% believe we have a 25 basis point move to the upside. well, now it's -- yeah. 46%. so -- >> it's going to be close, liz,

but i believe that the economy is slowing down. i believe that as we just mentioned the higher oil costs are going to slow things down. i think the interest rates are being too high. even the the head of the g20 today said that he sees interest rates globally hurting the economy. but getting back to your oil, you know, the one thing that really worries me is china is a basket ca case right now. and if china continues to have horrible numbers, that's your biggest consumer of oil. and plus, i do subscribe to a couple podcasts. it looks like the is now -- the u.s. is now coming up with some of the highest oil that they've been producing. i think we're up to 12.8 or 12.9 million barrels a day, so that's a good thing. liz: i'm just checking, chinese stocks are mostly down right now. baba, bay due -- >> yeah, they've been failing miserably in their stimulus. liz: scott, really quickly, anything in tech world you like?

>> not yet, no. i mean, i love -- [audio difficulty] these chips are going to bail us out. this is what i've within waiting for. i didn't know how it was going to -- [inaudible] but you want to get behind the likes of nvidia and anything that looks like that but not right now. you're going to get a better chance. liz: would you buy br at ipo? >> ah, yes. yes, ill. liz: really? okay. because there are a few little clouds forming over that a one. that's what we're going to talk to david sacks about later on in the show. andy, scott, so appreciative and, yes, i'm glad you busted out the coupon cho. you need, like, a -- cow poncho. okay. september is typically a cooling off for the stock market, we're not seeing any september effect when it comes to the weather. record temperatures expected awe across the country today and the rest of this week making one company's stock red hot. this industrial hvac provider

has sizzled up 73 over the past year. the ceo is next in a fox business exclausive. "-- exclusive. "claman countdown" is coming rightment dow jones industrials down 143 points. or moments that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence.

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liz: the unofficial end of summer has come and gone, but the broiling temperatures are still sticking around. 90 degree heat pluses is enveloping major cities from minneapolis to chicago, to cheyenne, oklahoma. not cheyenne, wyoming, cheyenne, oklahoma. all the way down to savannah, georgia. meanwhile, we're seeing record highs already today here in the northeast including states including maine, virginia and delaware. finish crashing through old

records. but there's one company keeping its cool as its stock has climbed 30% year to date. aaon provides full hvac systems as well as parts for commercial -- that thing looks like there's an earthquake -- [laughter] commercial and industrial companies across the u.s. and canada. but it is quietly had an incredible move. joining us now in a fox business exclusive is gary fields, the ceo of aaon. we were looking at the map, it's 98 degrees in tulsa right now? how's your a/c holding up? >> are it's wonderful. it's about 71 is degrees here. but, you know, we've had these record temperatures going on for weeks and weeks now, and it's put a lot of stress on hvac systems. liz: yeah, i can imagine. and when we talk about the business that you've been doing due to this record-breaking heat, how has it been different year-over-year compared to exactly the time last year?

>> well, if i look at it strictly because of the climate, i think it has some influence because units are definitely stress thed and falling apart and, you know, or newer units are needed. but more importantly, i think we've seen people moving towards decarbonization, electrification of their full systems, and that's really empowered a lot of to our growth. liz: are you like generac, it's sort of one and done, you install it and it lasts forever? talk about the cycle of hv remarks c systems that are for these huge buildings, big skyscrapers,es which is what you do here in north america including canada? >> well, i would say ordinarily most equipment is good for maybe 15 years. but we know for a pact that we have an abundance of equipment that's 20 the, 25 the years old and still providing good service to the client. liz: one of the things that requires extremely cool temperatures when it comes to industrial efforts is data

server work, right? we're talking about semiconductor companies and things like that where they really need very cool temperatures all the time. your company had acquired basics back in, what, 2021, and that's exactly what they do. they specialize in hvac systems for the chipmakers and data centers. how much has bay sicks added -- basics added to your top line growth? >> well, they're growing at a compounded annual growth rate of about 45%. and they continued to do that. so that's outstanding. now, they're roughly, oh, 10-12% of our total revenue at this point. liz: what companies does basics provide with a/c equipment when we're talking specifically about chipmakers? >> well, i'll have to say that our clients don't want us to disclose their names. but i'll say this, there is no chipmaker in north america and there's no data center operator

in north america that is not either a client or considering us, one of the two. liz: oh, okay. then you span the gamut here. you know, with your most recent earnings call, the president and cofinder of basics mentioned supply chain issues are, quote, still very much an issue here. what is difficult to get your hands on as far as parts within the supply chain issue that you still haven't been with able to clear the clog yet? >> yeah, those are really focused on electric and electronics. so of all things, simple things like fuses and fuse blocks. but also electronic components that we utilize in manufacturing our control boards to control those units. so those are the things that are still a bit sticky. liz: we've had some pretty incredible, strange, major, extreme weather events such as -- horrific in some cases, maui fires, for example. we've seen hurricane idalia come

through which was particularly bad. talk about what you've seen and how you assess the potential for these things. you know, the insurers like to sit there and anticipate what's going to happen. how do you anticipate and then how do you build that up for your business? >> well, we have a heritage in helping out in these catastrophic situations. i'll hearken back to the days when covid first manifest itself. new york was short of hospitals, and they built two temporary hospitals on the city, university campuses. we were able to respond very, very quickly with over 4,000 tons of specialized air-conditioning for that. so that kind of set in place, for instance, in maui there's an emergency services building that's trying to be erected right now. they needed us to expedite equipment for 'em. so we're also -- not only do we like to expedite that equipment, but we do it at our standard fee. we don't charge any kind of an

expedited premium fee. i don't believe in taking advantage of catastrophic situations in that manner. liz: well, of course not. i understand. climate change can also mean historic storms, no if storm -- snowstorms, not just heat events. you're in the hv part of hvac, which is heating and ventilation as well. these bomb cyclones that have suddenly started to pop up every winter clearly are an event that you could, i hate to say capitalize upon, but you do. but that brings me to this question of exactly what's going on in commercial real estate? a lot of these buildings are now empty. how is that affecting your business? some of these are not even selling to back to the banks, they're being abandoned by the people who still owe their mortgages. have you modeled for this worsening? >> yes, we have. we have offsets in our portfolio that'll offset that downturn. we've already seen a downturn in

those commercial buildings. however, i just spent some time with our sales channel partner from new york city, and he said several of those relatively vacate office buildings are being repurposed. into residential and temporary residential needs. is so i think there's a lot yet to be seen as to what's going to happen with those buildings. i think there'll be some carnage from it initially, but eventually it'll square itself away. maybe 2-3 years down the line. liz: well, gary, what i find really most fascinating is that your stock performance over the past year has been absolutely stellar, and we like to focus on these companies. not just the ones that get all the media attention. and you've quietly done unbelievably well, up 68% over the a past 52 weeks. and we think our investor viewers should know about these types of companies, so thanks very much. >> thank you very much. liz: company's called aaon, and that's gary fields, the ceo for

seven years, but he'd been there since the '90s. qualcomm is moving lower on news it got -- i'm sorry, higher, rather, high higher by 1% on news it got the nod to provide mercedes and bmw with chips for their displays. the chip maker along with just about all the rest of them is a customer of softbank group's arm. the chip blueprint designer making headlines at this hour as it kicks off its road show to push its plans for the biggest ipo of the year, but will it fly as high as a hoped? we're talking about that and all all things a.i. and tech with famed venture capitalist david sacks in just a few minutes. is he all in on the ipo of the year, and should you be in david sacks, yes, the rainman from all in podcast, is going to be joining us, coming up. ♪ ♪ an architectural firm, tending hives of honeybees, and mentoring a teenager —

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liz: the nasdaq turned negative, so now the september effect is in full swing at the moment. of course, the september effect is it's the worth month. i know we're only on day five, but here we are. dow down 146, the s&p down 13 and, just like magic -- [laughter] the nasdaq has punched higher by just a fraction of a percent. shoot. >> and a miss. manchester united shares diving a record 17% after a report from the daily mail said that the premier league will be taken off the market by the the glaeser family. the offers reportedly failed to meet the asking price.

according to the report, however, the sale of man-u could be revived in to 2025. so soccer, minute's got to bid for that -- somebody's got to bid for that team, right? shares of i -- ill lumina falling a #% -- 5%, 5.4%. a longtime executive at medical device companiage atlanta will replaces the former embattled see wrote who stepped down in june following that contentious proxy fight with activist investor carl icahn. and tesla shares are revving higher, in fact, they are is second highest on the s&p right now, up 5%, after the ev maker reported sales in china rose 99.3% -- 9.3% year-over-year thanks to price cuts. and, guess what? month over month looks even better for model 3 and model y

cars, hay rose 30% sequentially. yeah, elon's doing great with tesla but once again generating fresh controversial headlines with his eau other company, x. longtime musk pal and all in podcast cohost david sacks is about to join us on the blame game musk is now playing regarding declining ad sales at is social media firm. david's pod kass is the number one -- podcast is the number one business podcast due to, in great part, sacks' blunt assessments of the tech world. speaking of wildly popular podcasts -- [laughter] i just dropped a fresh everyone talks to liz podcast a few hours ago. how do you go from six failures to seventh heaven? if you're trevor barnes, you never give up. you've got to hear how with no background in chemistry he created his first supplement are after reading science books and catered it to his father's heart condition. it worked so well he turned it

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after farmer's dog, she's a much healthier weight. she's a lot more active. and she's able to join us on our adventures. get started at betterforthem.com liz: i don't know the last time i saw the nasdaq crosses the unchanged line 59 times in a single session? a lot of sort of indecisiveness here. composite is all over the place. the nasdaq is about to get a shot in the arm. right now at the moment it's up 7 arms -- points, but that could change, obviously. the shot in the arm is going to come from the new listing softbank's chip design firm arm. yes, it has officially begun its road show are where the company

goes from city to citying speaking to potential investors to gin up interest. arm plans to go public this month, it will list 9 a 5 -- # 95.55 million is shares, and softbank announced it will retain the 90% of the share at least for now. right now the valuation's working out to roughly $55 billion. that would be on the high end, but that's considerably below the $64 billion implied less than a month ago. softbank's ceo paid $32 billion the acquire arm back in 2016. let's get to the vc guy who has invested in some of the biggest unicorns ever including uber, facebook, airbnb, twitter, reddit9, all of these big names, the paypal founding coo, craft interest partner and and all in podcast cohost david sacks joins me now first on fox business. dave, how about airbnb? can we just start with that in

the stock is having a great day. it is joining the s&p. you still own the stock, right? if i mean -- >> yes, i do. liz: what goes through your mind? >> i just think it's an iconic company. i invested in it many years ago i think it was at least a decade ago, and it's just one of those classic internet marketplaces where it connects people who want to stay in places all over the world. it's just a fundamental -- i think marketplaces like that are a fundamental application of the internet and it just continues to do better and better. it's great to see it joining the s&p 500. liz: yeah. what do you see in these companies before they go public as we are on the brink of arm going public once again? what do you see in the early stages like an airbnb that tell you, this one i've got to get in here? >> you know, it's mostly about the product market fit, i mean, do they have a product that seems to be catching fire with users on some level, how do they get distribution. is it through word of mouth, i

how much do they have to spend to attract the user. so when you see a company that is going viral or sort of catches lightning in a bottle, that's when you really want to invest. liz: well, softbank clearly hoped to cash out. they can't be thrilled with this valuation. why aren't arm toward what everybody thought would be a bigger ipo than what their filing indicates? the ceo hoped he would double his money, why are these clouds forming around arm which is undoubtly a company that is everywhere, in every smartphone which, of course, is a maturing business? >> i just think the public markets are being more discriminating about valuations than they were a year or two ago. remember that, you know, ipo buyers that bought into ipos in 2021 all got wiped out. i mean, they did horribly. so, you know, arm along with instacart, i think they're all going out this friday, this is the market basically tiptoeing

back into ipos, and i just think that there's a lot of price discovery going on, and i think investment banks are working hard to figure out what the market-clearing price is going to be. that said, at the end of the day i do expect all three ipo tos to be successful, they are going to go out. but the market is, again, or trying to figure out the right price this year. liz: well, you've got the a.i. swirl. you just look at zoom today, zoom video communications, zoom is popping a couple of percentage points here after announcing that it's got an a.i. sort of assistant, an a. a i. co-pilot, so to speak, and you won't be charged extra that. there'll be no additional charge if you're already a zoom customer. this a.i. world, this hype cycle, and i don't know if it's fair to call it that because it is seemingly very real, still has the power to pop these certain stocks like zoom, for example. and that just leads me to this question about arm's ipo investors, some of them are cobbling together with arm

trying to get them up to speed on a.i. chips that would include mercedes benz, amd, apple. and, clearly, they're not there yet. so that makes me wonder, are they just too far behind at this point? >> well, i just think that, you know, chip making is fundamental wily a different business than software. it just has different financial attributes. but you're right about a.i., and i think this is why what you're seeing is that the investment banks are trying, and softbank are are trying to anchor this arm ipo by including non-financial strategic investor s like nvidia, like apple, like google. they're trying the to use them to strategic -- to anchor this price. and help get the market to accept it. liz: you know, when you rook at ipos -- look at ipo, that used to be the holy grail for venture capitalist, but now these start-up companies, some of them are saying, forget it, i'm just going to sort of promote myself to private equity guys. you know, the vc versus pe,

where do you stand on that? because it sure looks like some start-ups are saying i just want to be bought by a private equity company. >> well, there's a thousand unicorns out there, liz, and they're all going to need liquidity at some point. and there just aren't that many great options. there's basically ipos which are hard to pull off, there's m&a which typically only happens if you're a very strategic company, a very strategic start to a big company, and there's private equity. and i think we're happy to have all the different types of exits we can get. but for pe exit, you really is have to be profitable. pe companies are not -- sorry, pe funds are not interested in start-ups that are burning money. and we've recommended to many of our start up-ups that are in kind of a lower growth phase, let's say they're growing 30, 40, 50%, that's not really meant to be vc-eligible. ing so what we've recommended is make yourself acceptable to a pe

buyer. and to do that, you really have to be cash now positive. and that is a big adjustment for start-up founders, because for the last decade or so they've been living in this world where money seemed to grow on trees and there was a ton of liquidity sloshing around, and hay didn't have to be very efficient. now they do. if they want to get to an exit, they have to be much more efficient -- liz: yeah. and they've got to be lean and mean, they can't be top heavy with employees, and that leads me to question -- the question about engineers and software coders. do you look at the top-heavy companies now a days with a.i., so much of that can be done without a huge staff of people. so instead of 50 people piling in, then taking up space, you know, you could have 4-5 people doing the same amount. who, who with the skill set is in trouble here? >> well, i think you raise a good question here which is there's a lot of talk about a.i. replacing jobs and eliminating

jobs. and i'm not sure that's the right way to look at it, at least not yet. liz: okay. >> the way we see a.i. and where the opportunity is, is in the creation of these co-pilots. the copilots are tools that make a human more productive. so it's not like we're going to be eliminating job functions with a.i., at least not yet. what we're going to be doing is making humans more productive. like you say, there's a bunch of coding co-pilots that make software engineers more productive. we have a company called source craft that can does that, for example, a product called coding that makes engineers much more productive. so maybe companies won't need to hire as many engineers, maybe fewer engineers can get more done. but at the same time, there's lot of other companies that a want to hire engineers. this is such a shortage of them that i'm not sure we have to worry about engineers being unemployed anytime soon. but i think that is the right way to look at it at least for the next several years which is how do you make the human more productive. liz: david sacks has such a big brain, you guys, it doesn't fit

into a single segment. we've got more with him. and as we continue to watch everything that's going on, elon musk, he's kind of a bestie with elon musk. a lot of drama and success going on and swirling there. we'll talk to him about that, and he is about to launch a brand new company, he's got a big announcement, and he's doing it right here. it's a company he says is a major disrupter. more david sacks coming up. closing bell is about 14 minutes away. we've got the dow down 111 points. it's the nasdaq you've got to keep your eye on, still up about 4 points. and we're watching it -- 14 points. we're watching it jagging up and down the flat line. ♪ ♪

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these ipos. at the end of the day i think they will get done. ipo investors who bought into these offerings in 2021 which was the last time the market was hot they got their faces ripped off. at the end of day the deals will get done but there is fair amount of discovery to happen. instacart, the last private round was 50 billion. they will probably go out at something like a 10 billion-dollar valuation. the sellers are ultimately price takers. i think they want liquidity. their desire for liquidity will prevail over price. i think buyers will have a little more influence over the price than they did a couple years ago. liz: when we talk about price, there are a lot of buyers in tesla in china. big news there. tesla stock is riding higher up close to the top of the s&p right now. so many people are buying those cars in china. month over month, year-over-year, the numbers are

staggering increases here and part of that has to do with the fact they cut their prices. maybe margins hurt. elon doesn't care about that. he is a very smart guy. he is one of the smartest in the country when it comes to starting companies. david, he now stepped in it again, some people feel that way. he is blaming of all organizations the anti-defamation league, blaming them, basically saying 60% ad sales decline x/twitter has seen is because of the anti-defamation league. really, i know you're good friends with him. i want your thoughts on this before we even go to spacex and all of that because i am very pro-spacex what he is doing there but how will any advertiser want to dip their to back into the twitter x waters when he keeps doing stuff like this? >> well i think elon is absolutely right about that. look i think the adl is an organization that did a ton of

historical good. i think they used to be an organization that would combat anti-semitism coming from the left or the right. they were fairly non-partisan in that. lately the adl is acting as an arm of the dnc, basically the liberal establishment and they have been stepping out to deannounce people for anti-semitism even when that, even when i think that charge is completely unrelated. so you know i think elon has a point here and there is evidence that the adl has been organizing boycotts of advertising on twitter. again the problem reason they're doing that is not because elon is anti-semitic. liz: no, people like neo-nazis and stuff like that are on the site saying hateful stuff like that. >> what elon is for free speech. what the adl opposes is free speech. that is not their historical mission. they have been organizing

boycotts based on the fact that elon is allowing free speech on the platform. i don't think that is their historical mission. i don't think that should be their purview. they are acting as an arm of the democratic establishment basically pursuing this vendetta against elon. i support him with this. i wish the adl would stick to the true historical mission of stopping anti-semetism, not free speech. liz: real quickly you are launching a new company, how disruptive will this be? >> we are launching the company at service companies. what sas startups are properly not instrumented. they need proper dashboards. if they do not look at their metrics the right way they cannot be successful at their business. there are no dedicated -- boards or business success tools for companies. we solved that problem and will announce something at sater. liz: we get the tease.

>> liz, thank you very much. >> podcast co-host with the besties, j call, david free berg we're down 181 points. marks madsen, is founder ceo of madsen money. he joins us right now. september to remember already but where do you look, we've been talking to david sacks about a.i., about tech. is there an opportunity here that hasn't been picked over so well? >> well i'm always thinking about the psychology of the average everyday investor and right now i think they're ripe to making mistakes. we have this thing, "bidenomics," it has its boots on the throat of the american dream. we have massive inflation since it started, 17% inflation is real estate, inflation in energy, 40% since he started and food 20%. the average american family can't keep up. they're spending down savings.

five trillion dollars of savings gone with biden started off. people are taking money out of their 401(k)s to live. 36% of their people taken money out of 401(k)s, savings going down, investing is going down. they're afraid. it makes it ripe for people to panic. even though the s&p is up 18% this year, the average investor in august took money out of the market. i think that is very dangerous. as far as where to look, i think we're in a situation not unlike '95 to 2000 where tech stocks made 45% per year but then, liz, lost 75% over the next two years and the s&p lost 50% over the same time period. so i think investors are dumping too much money in tech, too much money in the s&p, and it is extremely dangerous. liz: well, i'll tell you it is getting a little dangerous here. we're close to session lows right now for the dow jones industrials. it is really selling off. look at the dow heat map. what we're talking about

laggards, walgreens boots is lagging all day. 3m is joining the laggards, boeing, mcdonald's walt disney, walmart, coca-cola, amgen, the big winner at the moment microsoft up one 1/2%. what do you attribute this? if we look at that, look at nasdaq, the nasdaq has crossed the unchanged line 64 times today and counting. >> nasdaq, people have to remember last year the nasdaq was down 30%. while it's up this year it hasn't made that. of a recovery compared to last year. investors have to use better diversification. that means microcap stocks. one of the areas they can capture that is in the field of i-shares. you can have microcap stocks in the etf. also looking internationally. i-shares also has a small cap international fund. they have got to get away from dumping all their money just in these s&p 500 stocks. it's not diversification

because, as you read off the heat chart, these stocks tend to move in the same direction at the same time. therefore they're highly correlated. they don't give you. diversification. liz: as we watch the selloff here, the dow is down 195 points and stopping. we do have the s&p at the moment. i want to get everybody up to the second numbers, down 19. nasdaq down 10. transports down 346. mark, we want to thank you very much. the big winner today, airbnb. joining the s&p 500. airbnb is looking to see a gain when those bells ring in a couple seconds of 7.25%. [closing bell rings] a lot of the rest of the complex looking pretty ugly now. we're down second day oil of the last three for the nasdaq. great to have you guys. we'll see you tomorrow. larry: hello, folks, welcome to "kudlow," i'm larry kudlow.